Arturo de los Santos led a demonstration at the downtown L.A. headquarters of mortgage giant Freddie Mac (PHOTO: ACCE / February 16, 2012) |
RIVERSIDE, Calif. (KTLA) -- An ex-Marine in danger of losing his home is supposed to turn over the keys to his mortgage company on Tuesday, but he's refusing to leave.
Arturo de los Santos is taking a stand against Freddie Mac and JP Morgan Chase, who are preparing to evict him and his family.
"They were helping me on a loan modification and they sold the house," de los Santos told KTLA. "That was wrong."
"We reoccupied the house in December, and we're going to stay here until the bank adjusts our loan or they send the sheriff's office to evict us."
Several dozen people have gathered in solidarity with the de los Santos family, prepared to possibly get arrested.
Supporters from the 'Occupy' movement have pitched tents on the front lawn.
"We have people coming and going. All these supporters believe what the banks are doing is wrong. A lot of them have gone through the same process."
According to de los Santos, one part of the bank was telling him he would have a loan modification, while another part was foreclosing on the house.
"They denied the loan modification and they told me not to make anymore payments," de los Santos explained. "They refused to accept any more payments and told me to reapply for the loan modification."
But he says, "One of the same bank's departments foreclosed, saying I was being delinquent."
De los Santos vows he will "fight until the very end," which, he says "probably means I will be arrested."
He was previously arrested and cited last Thursday in the lobby of the West Coast headquarters of Freddie Mac on South Flower Street in downtown Los Angeles.
His wife and four young children stood by his side until the police made them exit.
A crowd of roughly 60 other struggling homeowners, working with the Alliance of Californians for Community Empowerment (ACCE) Home Defenders League, took over the building lobby, demanding that Freddie Mac negotiate with De los Santos and his family.
Another 100 supporters rallied outside.
ACCE leaders cited Freddie Mac and Fannie Mae's failure to participate in a landmark settlement between 49 states and the five largest private banks to address problems in the foreclosure crisis.
Among the issues raised by ACCE and the de los Santos family:
1) Freddie Mac's refusal to consider loan modifications for millions of homeowners with loans owned by the company, including those who likely qualify for the federal government's own Home Affordable Modification Program (HAMP);
2) An executive pay scandal resulting in this year's agreed-upon resignation by Freddie CEO Charles "Ed" Haldeman, who had refused to consider lowering his own total compensation of about $6 million in 2011 or that of his top executives, while arguing that the company cannot afford to work with at-risk working-class homeowners; and
3) The revelation this month that Freddie Mac has been investing in mortgage-backed securities that paid the company millions of dollars when homeowners were not able to refinance to lower rates, creating what critics view as a conflict of interest for the company charged with promoting responsible and affordable home ownership.
Arturo de los Santos is taking a stand against Freddie Mac and JP Morgan Chase, who are preparing to evict him and his family.
"They were helping me on a loan modification and they sold the house," de los Santos told KTLA. "That was wrong."
"We reoccupied the house in December, and we're going to stay here until the bank adjusts our loan or they send the sheriff's office to evict us."
Several dozen people have gathered in solidarity with the de los Santos family, prepared to possibly get arrested.
Supporters from the 'Occupy' movement have pitched tents on the front lawn.
"We have people coming and going. All these supporters believe what the banks are doing is wrong. A lot of them have gone through the same process."
According to de los Santos, one part of the bank was telling him he would have a loan modification, while another part was foreclosing on the house.
"They denied the loan modification and they told me not to make anymore payments," de los Santos explained. "They refused to accept any more payments and told me to reapply for the loan modification."
But he says, "One of the same bank's departments foreclosed, saying I was being delinquent."
De los Santos vows he will "fight until the very end," which, he says "probably means I will be arrested."
He was previously arrested and cited last Thursday in the lobby of the West Coast headquarters of Freddie Mac on South Flower Street in downtown Los Angeles.
His wife and four young children stood by his side until the police made them exit.
A crowd of roughly 60 other struggling homeowners, working with the Alliance of Californians for Community Empowerment (ACCE) Home Defenders League, took over the building lobby, demanding that Freddie Mac negotiate with De los Santos and his family.
Another 100 supporters rallied outside.
ACCE leaders cited Freddie Mac and Fannie Mae's failure to participate in a landmark settlement between 49 states and the five largest private banks to address problems in the foreclosure crisis.
Among the issues raised by ACCE and the de los Santos family:
1) Freddie Mac's refusal to consider loan modifications for millions of homeowners with loans owned by the company, including those who likely qualify for the federal government's own Home Affordable Modification Program (HAMP);
2) An executive pay scandal resulting in this year's agreed-upon resignation by Freddie CEO Charles "Ed" Haldeman, who had refused to consider lowering his own total compensation of about $6 million in 2011 or that of his top executives, while arguing that the company cannot afford to work with at-risk working-class homeowners; and
3) The revelation this month that Freddie Mac has been investing in mortgage-backed securities that paid the company millions of dollars when homeowners were not able to refinance to lower rates, creating what critics view as a conflict of interest for the company charged with promoting responsible and affordable home ownership.
